Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant revenue increase of 250.90% year-on-year, reaching 12.354 billion RMB in H1 2025, with a net profit of 2.268 billion RMB, up 285.76% year-on-year [2] - The company has a high dividend payout ratio of 73%, distributing approximately 1.66 billion RMB in dividends [2] - The brand's market influence and product innovation are key drivers for revenue and profit growth, with same-store sales increasing by approximately 200.8% [3][4] - The company has expanded its loyal customer base, with 480,000 members as of June 30, 2025, reflecting a 13,000 increase from December 31, 2024 [3] - The company has created over 2,100 original designs and holds 273 domestic and 246 international patents [3] Revenue Breakdown - In H1 2025, revenue from gold products was 14.174 billion RMB, with online and offline sales contributing 19.43 billion RMB and 122.41 billion RMB respectively, showing year-on-year growth of 313.3% and 243.2% [4] - Revenue from mainland China and overseas markets was 12.584 billion RMB and 1.6 billion RMB, respectively, with year-on-year growth of 232.8% and 455.2% [4] Profitability Analysis - The company's gross margin was 38.09%, a decrease of 3.24 percentage points due to a rise in gold prices exceeding 20% [5] - The net profit margin improved by 1.7 percentage points to 18.36% despite increased sales and administrative expenses [5] Future Growth Prospects - The company plans to continue expanding its channels and optimizing stores, with 41 self-operated stores opened in 16 cities by H1 2025 [6] - The opening of new stores in high-end shopping centers in Shanghai and Singapore marks a significant step in the company's international expansion [6] Investment Recommendations - The company is positioned well in the high-end gold jewelry market, integrating traditional Chinese culture with modern design [7] - Revenue forecasts for 2025-2027 are adjusted to 24.020 billion RMB, 33.813 billion RMB, and 41.402 billion RMB, respectively, with EPS estimates of 27.32 RMB, 38.51 RMB, and 47.20 RMB [7]

Market Performance - On August 20, the stock market showed a strong reversal after a low opening, with the Shanghai Composite Index closing at 3766.21, up 1.04% [1] - The CSI 300 Index also increased by 1.14%, closing at 4271.40, indicating a robust upward trend in equities [1] - The domestic commodity market experienced a broad decline, particularly in lithium carbonate, which hit the limit down, and other weak fundamentals like soda ash and glass, which fell by 5.0% and 4.4% respectively [2][3] Sector Analysis - The petrochemical sector rose by 2.36%, while steel, photovoltaic equipment, coal, and lithium battery sectors saw gains around 1% [2] - The decline in lithium carbonate was primarily due to the announcement of resumption of production by Yichun Silver Lithium, which broke the market's bullish expectations regarding supply constraints [2] - Demand weakness was evident in soda ash and glass, with glass prices continuing to drop and inventory pressures affecting soda ash prices [3] Market Sentiment - The market sentiment has shifted towards a more cautious stance, with several indicators suggesting a turn in market emotions [3] - The futures market has shown a trend towards backwardation for popular commodities like lithium carbonate, coking coal, and glass, indicating increased bearish sentiment [3] - The current market is characterized by a logic of differentiation, with most industrial products returning to fundamentals driven by weak terminal demand [3] Bond Market Dynamics - On August 20, the bond market experienced a dramatic day, with the 10-year and 30-year government bonds seeing yields drop to 1.75% and 2.01% respectively before rebounding later in the day [4][6] - The bond market appears to be closely following the stock market, with traditional pricing factors like fundamentals and liquidity failing to dictate interest rate trends [5][6] - The current state of the bond market suggests a reliance on external positive stimuli for recovery, as internal recovery mechanisms seem weak [7] Investment Strategy - The report suggests maintaining a balanced investment strategy that allows for both offensive and defensive positioning, with a recommendation to consider a duration adjustment towards a neutral to slightly higher position around 3.0-3.5 years [7] - A barbell strategy is preferred, particularly with the 10-year and 30-year government bonds showing relative value [7] - It is advised to keep some cash reserves to capitalize on potential market reversals in the bond market [7] Equity Market Trends - The overall equity market saw a rebound with the Wande All A Index rising by 0.97%, although trading volume decreased by 192.3 billion yuan compared to the previous day [8] - The semiconductor sector experienced significant gains, becoming a focal point for bullish sentiment, while liquor stocks continued their upward trend [8][9] - Leverage funds showed no signs of retreat, indicating a continued willingness to invest despite market fluctuations [9] Hong Kong Market Overview - The Hang Seng Index rose by 0.17%, with the Hang Seng Tech Index slightly down by 0.01%, reflecting mixed performance across sectors [10] - Southbound capital saw a net outflow of 14.682 billion HKD, indicating a tendency for profit-taking among investors [10] - Notable inflows were seen in Tencent Holdings, while Alibaba experienced outflows, highlighting divergent investor sentiment towards different internet stocks [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue and adjusted net profit for H1 2025 were 439 million and 63 million respectively, showing a year-on-year growth of 9.63% but a decline in net profit by 23.86% due to the impact of new campus ramp-up in Guangzhou and personnel adjustments in Shenzhen [2] - The company has a total of 184 learning centers, a 26.9% increase year-on-year, with 15 new centers opened in H1 2025 [3] - The company is actively seeking new business opportunities, including educational tourism and international courses, which are expected to contribute to long-term growth [3] Financial Summary - The company's gross margin, operating profit margin (OPM), and adjusted net profit margin for H1 2025 were 34.3%, 17.6%, and 18.5% respectively, reflecting declines of 10.1, 10.9, and 4.9 percentage points year-on-year [4] - The company’s contract liabilities decreased by 24.5% year-on-year to 182 million [4] - Revenue forecasts for 2025 and 2026 have been adjusted down to 1,053.78 million and 1,317.77 million respectively, with net profit forecasts adjusted to 186.77 million and 261.18 million [5] - The projected earnings per share (EPS) for 2025 and 2026 are 0.33 and 0.46 respectively, with a new EPS forecast of 0.64 for 2027 [5] Profitability and Valuation - The company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 31.85% from 2023 to 2027, with net profit growth rates of 58.03% and 69.38% for 2023 and 2024 respectively [8] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 7.87, 5.63, and 4.07 respectively [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company exceeded market expectations in H1 2025 with revenue, net profit, and operating cash flow of $1.229 billion, $98 million, and $155 million respectively, representing year-on-year growth of 12.4%, 16.8%, and 255.4% [2] - The company plans to expand its customer base in Europe in the second half of 2025, which is expected to drive future growth [3] - The company declared a dividend of 16.3 HK cents per share for H1 2025, up from 13.8 HK cents in H1 2024, with a payout ratio of 60% and an annualized dividend yield of 5.4% [2] Financial Performance - In H1 2025, the company achieved a gross margin of 19.7%, a slight increase of 0.2 percentage points year-on-year, primarily driven by improved production efficiency in leisure and underwear segments [4] - The net profit margin for H1 2025 was 8.0%, up 0.3 percentage points year-on-year, with stable administrative and R&D expenses [4] - The company’s inventory increased by 18.51% year-on-year to $352 million, leading to an increase in inventory turnover days by 4 days to 59 days [5] Growth Strategy - The company aims to leverage growth opportunities in Europe and Asia, with a focus on expanding its customer base and establishing new production facilities [3][6] - The company’s revenue forecast for 2025 is set at $2.813 billion, with net profit expected to be $235 million, corresponding to an EPS of $0.08 [7] - The company is expected to benefit from the recovery of denim and underwear customer segments, as well as the growing demand in the women's sports market [6][7] Valuation Metrics - The projected PE ratios for 2025, 2026, and 2027 are 9, 8, and 7 respectively, indicating a favorable valuation outlook [7] - The company’s revenue is expected to grow at a CAGR of approximately 13.91% from 2025 to 2026 [9]

Group 1 - The long-term horizontal fluctuation of A-shares since 2010 is attributed to a continuous decline in ROE and a higher fundraising scale compared to dividend amounts, leading to liquidity consumption during periods of insufficient incremental capital entering the market [2][11]. - A new bull market for A-shares has begun, driven by China's economic resilience, significant household savings, and a positive feedback effect from capital market vitality, which is expected to stimulate investment in the stock market [3][17]. - The current market is transitioning into a "slow bull" phase, supported by regulatory reforms, a shift towards long-term investment strategies, and the influx of long-term capital from various institutional investors [5][42]. Group 2 - A-shares are entering a new "slow bull" cycle driven by institutional reforms, optimized capital structure, and economic momentum conversion, with a focus on new technologies and consumption [5][59]. - The improvement of the investor return mechanism is crucial for sustaining the "slow bull" market, with policies aimed at balancing financing and investment, enhancing dividend regulations, and encouraging share buybacks [5][64]. - The influx of long-term capital from insurance funds, pension funds, and potential stabilizing funds is expected to optimize the investor structure in A-shares, reinforcing market stability [5][50].

证券研究报告|策略专题报告 [Table_Date] 2025 年 08 月 20 日 [Table_Title] 站上十年新起点，A 股步入"慢牛"新周期 [Table_Title2] [Table_Summary] 投资要点： 一、过去 A 股长期横向震荡的原因。1）2010 年起，A 股 ROE 持续下行。中国在经济产业结构转型过程中，传统投资 出口拉动增长的模式边际效应递减；2）2024 年以前，A 股 募资规模（IPO、增发）持续高于分红金额，并且市场上行 阶段往往伴随重要股东净减持规模增加，在增量资金入市不 足阶段持续消耗流动性。 分析师：张海燕 邮箱：zhanghy5@hx168.com.cn SAC NO：S1120521040002 相关研究 [Table_Report] 二、A 股新一轮牛市已然启动。1）全球贸易不确定性增强， 但中国经济的强大韧性正在得到越来越广泛的国际认可； 2）居民部门积累大量超额储蓄，资产荒权益市场吸引力提 升。截至 2025 年上半年，住户存款向上偏离 2011-2019 年 间的趋势线约 50 万亿元以上，意味着股市潜在增量资金庞 大。当前居民存款搬家仍处于早期 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong performance in the first half of 2025, achieving revenue of 138.8 billion CNY, a year-on-year increase of 204.4%, and a net profit of 45.7 billion CNY, up 396.5% [2] - The adjusted net profit for the same period was 47.1 billion CNY, reflecting a 362.8% increase, surpassing previous forecasts [2] - The adjusted net profit margin reached 33.9%, an increase of 11.6 percentage points, with a gross margin of 70.3%, up 6.3 percentage points [2] Summary by Sections IP Matrix and Global Popularity - The company employs a diverse IP strategy, achieving strong sales performance with five major IPs generating over 1 billion CNY each in revenue [3] - The top IPs include THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, with revenues of 48.1 billion CNY, 13.6 billion CNY, 12.2 billion CNY, 12.2 billion CNY, and 11.1 billion CNY respectively, showing significant year-on-year growth [3] Product Structure and Performance - The product mix has diversified, with plush toys, figures, MEGA, and derivatives generating revenues of 61.4 billion CNY, 51.8 billion CNY, 10.1 billion CNY, and 15.5 billion CNY respectively, reflecting year-on-year increases of 1276.2%, 94.8%, 71.8%, and 78.9% [4] - Plush products have become a key driver for expanding the brand's appeal among younger fans globally [4] Global Expansion - The company has seen significant growth in various regions, with revenue from China reaching 82.8 billion CNY (+135.2%), Asia-Pacific at 28.5 billion CNY (+257.8%), and the Americas at 22.6 billion CNY (+1142.3%) [5] - The Americas market has shown the most dramatic growth, with a 10-fold increase in revenue, driven by an expansion of retail presence [5] Financial Forecasts - The revenue forecasts for 2025-2027 have been revised to 308.01 billion CNY, 427.86 billion CNY, and 553.14 billion CNY respectively, with net profits expected to be 106.67 billion CNY, 152.25 billion CNY, and 203.81 billion CNY [6] - The earnings per share (EPS) are projected to be 7.94 CNY, 11.34 CNY, and 15.18 CNY for the same period [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 1.148 billion yuan in the first half of 2025, representing a year-on-year increase of 42.87%. The net profit attributable to the parent company was 161 million yuan, up 30.85% year-on-year [1][2] - New businesses such as airbags and steering wheels are driving significant growth, with revenue from airbags and steering wheels increasing by 71.84% and 279.49% respectively [2] - The company maintains a high gross margin of 28.59%, although it has decreased by 1.69 percentage points year-on-year due to the rising proportion of lower-margin products [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 612 million yuan, a year-on-year increase of 40.77% and a quarter-on-quarter increase of 14.30%. The net profit for the same quarter was 88 million yuan, up 41.03% year-on-year and 19.52% quarter-on-quarter [1][2] Business Growth - The revenue breakdown shows that the safety belt, airbag, and steering wheel segments generated 676 million yuan, 299 million yuan, and 148 million yuan respectively, with year-on-year growth rates of 19.22%, 71.84%, and 279.49% [2] - The company has secured 90 new product development projects from clients such as Chery, Geely, and Volkswagen, which includes 42 safety belt projects, 30 airbag projects, and 18 steering wheel projects [4] Research and Development - The company has increased its R&D investment, with R&D expenses reaching 73.93 million yuan in the first half of 2025, a year-on-year increase of 74.79% [3] Market Expansion - The company is actively expanding into overseas markets, with a production base in Malaysia expected to reach mass production by Q3 2025. This facility will initially focus on assembly and will gradually introduce upstream component production lines [5] Profit Forecast and Valuation - The company is projected to achieve revenues of 2.592 billion yuan, 3.371 billion yuan, and 4.382 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to the parent company is expected to be 389 million yuan, 528 million yuan, and 696 million yuan for the same years [6][8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4]. Core Insights - The company has shown significant growth in Q2 2025, with a revenue increase of 16% year-on-year and a remarkable 381% increase in net profit compared to the previous quarter [1]. - The demand for specialty integrated circuits (ICs) is recovering, with the company expanding its product lines and entering new application areas such as commercial aerospace [2]. - The company is a leader in the domestic specialty chip market and is expected to benefit from the recovery in specialty demand and the introduction of innovative product lines [4][18]. Summary by Sections Company Overview - The company is a leading player in China's specialty integrated circuit sector, focusing on security chips and specialty IC design and sales. It has over 800 product varieties and is strengthening its market position in key areas such as aerospace and industrial control [11]. Financial Performance - In the first half of 2025, the company achieved a revenue of 30.47 billion yuan, a year-on-year increase of 6.07%, and a net profit of 6.92 billion yuan, down 6.18% year-on-year. Q2 alone saw revenues of 20.21 billion yuan, up 16% year-on-year and 97% quarter-on-quarter [1]. - The projected revenues for 2025-2027 are 63.60 billion yuan, 79.05 billion yuan, and 101.09 billion yuan, respectively, with net profits expected to be 15.20 billion yuan, 23.57 billion yuan, and 34.97 billion yuan [4][12]. Product Development - The company is accelerating product iterations, particularly in the FPGA sector, and has introduced new products in various fields, including aerospace and automotive electronics. The eSIM business is also highlighted as a new growth point [2][3]. - The company maintains a strong market share in smart card chips, with significant advancements in eSIM and automotive chip products [3]. Valuation and Earnings Forecast - The report forecasts earnings per share (EPS) of 1.79 yuan, 2.77 yuan, and 4.12 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (PE) ratios for the same years are projected to be 45.18, 29.14, and 19.64 [4][18].

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The KTC AI interactive glasses have been officially launched at a starting price of 1499 yuan, with a promotional price of 999 yuan for the first 500 customers [2][3] - The global smart glasses market is expected to see significant growth, with a projected shipment of 1.568 million units in 2024, representing a year-on-year increase of 119% [4] - The company is positioned as a leader in the global smart display industry, with a stable revenue growth trajectory and a strong competitive advantage [5] Financial Projections - Revenue is expected to reach 176 billion yuan in 2025, with a year-on-year growth of 12.8%, and projected net profit of 9.7 billion yuan, reflecting a growth of 16.5% [6][8] - The earnings per share (EPS) is forecasted to be 1.39 yuan in 2025, with a price-to-earnings (PE) ratio of 18 times [6][8] - The company anticipates a steady increase in revenue and net profit over the next three years, with net profit expected to reach 14.2 billion yuan by 2027 [6][8]